Yes. It'll tows 4k and under without issue. It struggles with my 3500# enclosed trailer + 4000# car. It is ok around town but struggles to maintain 55-60 mph on the highway going up and down hills. It'll go if you hammer on it but that is tough on the truck. I usually like something that has lots of low-midrange torque. This 5.7l has no real power between 2300-3200 rpm. Once it gets over 3200 rpm it is acceptable.
So far put of owning three combinations of extended cab longbed trucks. They're all a toss up.
7.4 vortec - towed great, was a little weezy in upper range with 4.10s. Horrible economy. Ate through injectors.
6.5 diesel - this truck had an Optimizer 6500 engine in it with a 4" exhaust, cold air and manual waste gate controller. It was a decent puller in both bottom end and midrange. But still weezy over 2500rpms. Had issues with injectors too. Fuel economy was the best of the three.
5.7 vortec - okay low range, decent mid range and good highend. It'll haul decently, get in between 7.4 and 6.5 fuel economy. And to me, the maintenence costs are lower over the other two.
In all reality it's a choice of the lesser evils.
I'm content with my 5.7 trucks.